What to Do with a House After a Divorce?

January 25, 2013 (Press-News.org) The economic downturn has led to many families experiencing financial problems. Things keep getting more expensive, and couples have less ability to pay for some of the necessities they need. This is especially true in households with children. Money problems often lead to arguments, and these arguments may lead to spouses deciding to go their separate ways.

In the past, when a couple would get a divorce, the marital home would be the property that both parties would want to keep. Many homes had substantially increased their values over time, making them seem like safe long-term investments.

When the housing market collapsed, many homeowners lost the equity that they had built up in their homes. They had to take out additional mortgages, which often led to families struggling to make ends meet. These financial challenges could ultimately be the reason that a marriage falls apart.

Now, instead of both sides wanting to stay in the house, the couples would argue about who would be forced to stay in the residence. The drop in home values made it difficult for couples to get full value if they were to put the house up for sale, leaving many divorcing parties to figure out a way to reduce debt most efficiently. One spouse may need to rent the house from the other, which could place a financial strain on both parties.

In some situations, the divorce would have such a devastating financial impact that neither party would be able to maintain a separate residence. Both parties would still be living in the house while the divorce process is ongoing, which could lead to many additional arguments.

If parties are going to be living in the same house during the divorce, it will be important to develop some rules to ensure that things will go as smoothly as possible. The most crucial item that the sides will need to resolve will be the monthly budget, and commitment to sticking to the decisions that they make.

Additionally, spouses might try to limit their conversations to only essential issues. This can be a very emotional time, and discussions about trivial matters can quickly lead to arguments about why the marriage is falling apart. Focusing on solutions to problems that impact the entire family can keep parties from blaming one another for unrelated issues.

If you are considering filing for divorce, it is extremely important to be prepared for the entire process. Families will often be going from two incomes down to one, and it can be extremely difficult for a person to be able to make ends meet after taking such a large financial hit.

Speak to an experienced family law attorney to understand how you can best prepare for the changes that are about to happen. If you know what to expect, you can have a system in place that will allow you to emerge from your divorce on solid financial footing.

Article provided by Pritt & Pritt, PLLC
Visit us at www.prittlaw.com